Lowe's to close 31 stores across Canada

06/11/2018

Maine's 11 Lowe's stores, including those located in the Bangor and Portland areas, will remain open as the home improvement retail chain said Monday it will shut 20 underperforming USA stores and another 31 in Canada.

Two Rona stores and one Lowe's store will close in northeastern Ontario.

Lowe's Companies Inc.is reducing its Canadian footprint by closing 31 properties across the country in a bid to streamline its business.

Lowe's CEO said affected employees will have the opportunity to transfer to neighboring Lowe's stores.

Nine store closures are expected across Ontario along with 31 Canadian stores that will be shutting their doors by February 1, 2019.

Lowe's is closing 31 locations across Canada. It did not identify which stores those are.

The locations are seen as under-performing and the company wants to focus on its most profitable operations. It announced in August that it would close all 99 Orchard Supply Hardware stores, leading to write downs of $390 million to $475 million.

According to Lowe's, the locations are underperforming, and a "majority" are within ten miles of another Lowe's location. "Now, this will mean people will have to drive a bit further to find a Lowe's or a Rona store".

Ellison said the moves are part of a "transformation", but not a "turnaround" - like Plano, Texas, -based J.C. Penney experienced when he was the department store's chief executive for three years.

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